BY ZAKA KHALIQ |
Data sourced from the Nigerian Insurers Association (NIA) have show that there are about 16 million vehicles on roads across the country, with about 4 million of them having third party insurance cover.
Of the four million, only few know the worth of their insurance cover.
Third Party Vehicle Insurance comes at a fixed price of N5,000 for privately used saloons, SUVs and Jeeps while commercially used vehicles are charged N7,500.
Many members of the insuring public and third party road users have not fully realised the importance of Motor (Third Party) Insurance in Nigeria.
Insurance Can Prevent Road Rage Resulting From Accidents
On daily basis, especially, on Lagos roads, vehicle owners in accident situations are always engaged in heated arguments which in most cases, leads to a fight.
In the end, they settle matters or the vehicle owner decides to fund the repair of his vehicle himself, when, in the real sense, they can exchange their respective certificates to fix their respective vehicles.
According to the president, Nigerian Council of Registered Insurance Brokers(NCRIB), Dr. Bola Onigbogi, “Whether it’s a scratch, a minimal or fatal accident, your third party motor insurance covers both, although, in this case, you will need to exchange your respective insurance certificates.”
Third party, as the name implies, she discloses, does not cover the carrier, but covers other road users.
What Insurance Covers
“Motor (third party) insurance covers the insured’s legal liabilities for death and bodily injuries to third parties and third party property damage. While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third party property damage is N1million.
How To Make A Claim
“In the event of an accident likely going to lead to a claim, the policy holder, through his broker or in person, if he has no broker, must notify the underwriter as soon as possible.
“His responsibility is to describe what happened. It is not his responsibility to accept liability for the loss; that is for the underwriter to determine, based on the account of the accident by policy holder.
“If you have third party motor insurance, immediately you are involved in an accident, your insurer will pay third party claims to the tune of N1 million for a N5,000 premium.
“So, if you hit somebody’s car from the rear, you need not worry. Just say ‘I am sorry, its a mistake’ to the driver. Tell him, ‘this is my insurance cover, my insurance broker will call you and fix it,’ simple and within a week, the damaged car will be repaired,” she advises.